In The News...

Oil prices hit a new record today nearly touching $128 a barrel in trading on the NYMEX in New York. Oil has now more than doubled in the past year and gasoline prices have risen to their highest levels hitting $4 in parts of the country. The average price for a regular gallon of gasoline across the country is currently $3.776 and have now risen for nine straight days. The average could reach $4 as the Memorial Day weekend draws closer.

The Commerce Department reported this morning that housing starts and building permits were better than expected in April surprising most analysts. Total housing starts jumped 8.2% to 1.032 million units when estimates were calling for 940,000 new units. Building permits, a sign of future construction, rose 4.9% to a 978,000 pace, reflecting gains in both single- and multifamily units.

Brought to you, courtesy of The Mortgage Market Guide